The Mortgage Assistance Program (MAP) is really a City of Oakland loan system, running jointly with participating loan providers, to help low and moderate earnings very first time homebuyers with all the purchase of houses in the City of Oakland. MAP loans offer support that fills the gap between just exactly what children are able together with cost.
First-time homebuyer: Applicant(s) and spouse needs to be First Time Homebuyers which will be thought as somebody who has perhaps maybe maybe not owned their principal residence through the past 3 years. Some exceptions may use.
Home money: candidates’ yearly home earnings might not surpass 120% associated with certain area Median Income. Earnings of most family members 18 years or older should be considered (including house/roommates). Make reference to in 2010’s income and rent limitations.
Oakland resident, Oakland worker/student, or Oakland displacee: one or more household that is adult should be an Oakland resident, an Oakland worker/student or an Oakland displacee (displaced from the former Oakland house).
Other needs: purchasers must add 3% regarding the cost from their funds that are own pay money for advance payment and/or closing costs. Read more